JPMorgan Chase & Co. Upgrades Hormel Foods (NYSE:HRL) to “Overweight”

Hormel Foods (NYSE:HRL) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday, Marketbeat reports. The firm currently has a $34.00 price target on the stock, up from their previous price target of $29.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 17.67% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. BNP Paribas Exane raised shares of Hormel Foods from an “underperform” rating to a “neutral” rating and set a $30.00 price objective on the stock in a research note on Tuesday, May 27th. The Goldman Sachs Group initiated coverage on shares of Hormel Foods in a report on Monday, June 23rd. They issued a “buy” rating and a $35.00 target price for the company. Stephens reiterated an “equal weight” rating and issued a $31.00 target price on shares of Hormel Foods in a report on Thursday, May 22nd. Finally, BNP Paribas upgraded shares of Hormel Foods from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Hormel Foods Stock Performance

Shares of HRL opened at $28.8950 on Wednesday. The firm’s 50 day moving average is $29.53 and its 200-day moving average is $29.68. The stock has a market capitalization of $15.89 billion, a P/E ratio of 21.25, a P/E/G ratio of 3.26 and a beta of 0.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. Hormel Foods has a 12-month low of $27.59 and a 12-month high of $33.80.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Hormel Foods had a net margin of 6.27% and a return on equity of 10.20%. The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. Hormel Foods has set its FY 2025 guidance at 1.580-1.680 EPS. Equities research analysts anticipate that Hormel Foods will post 1.65 EPS for the current fiscal year.

Institutional Trading of Hormel Foods

Institutional investors have recently added to or reduced their stakes in the business. J.W. Cole Advisors Inc. acquired a new stake in Hormel Foods in the first quarter valued at approximately $1,283,000. Principal Financial Group Inc. raised its position in shares of Hormel Foods by 12.0% in the first quarter. Principal Financial Group Inc. now owns 452,925 shares of the company’s stock valued at $14,014,000 after purchasing an additional 48,657 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Hormel Foods by 180.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 89,025 shares of the company’s stock valued at $2,737,000 after purchasing an additional 57,280 shares during the period. Woodline Partners LP bought a new position in shares of Hormel Foods in the fourth quarter valued at approximately $548,000. Finally, Victory Capital Management Inc. raised its position in shares of Hormel Foods by 22.2% in the first quarter. Victory Capital Management Inc. now owns 1,150,394 shares of the company’s stock valued at $35,593,000 after purchasing an additional 208,883 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.